4712 Stoddard Road, Modesto, CA

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Client's Objectives

  • To create value by repurposing an aging industrial site into class A/B office space
  • To attract national and regional credit tenants

Outcome

Centerra sponsored the purchase of this 2.5m property by and investor group and oversaw its complete remodel. The single level concrete tilt-up facility was created into a two-story multi-unit space with a central lobby. Currently there are two national credit tenants in the property. The appraised value today at fully occupancy is $10.2m.

Property Specifics

  • Property Type: Professional Office Building
    • 60,000 sf of Class A/B space
    • 2 tenants
    • 33% occupancy

  • Purchase Price: $2.5m
    • $42/sf

  • Renovation Costs: $3.9m

  • Current Appraised Value (as fully occupied): $10.2m